Thousands seeking debt help every day
Debt help is being sought by thousands of Brits every day, according to statistics from Credit Action.
Its latest figures for the extent of debt in the UK at the end of February showed the average amount of money owed by a British adult stood at £30,328 - 132 per cent of average earnings.
And as a result, some 9,500 new financial problems are dealt with by the Citizens Advice Bureau every day, the data revealed.
What's more, the scale of debt in this country means that someone is declared insolvent or bankrupt every 3.69 minutes, or loses their home every 11.4 minutes.
With people struggling so much with money troubles, it could be that debt management measures such as individual voluntary arrangements (IVAs) become increasingly popular as they try to regain a grip on their finances.
Credit Action was formed in 1994 and is a national money education charity.
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